Retail sales failed to pick up in October November 8, 2010 RETAIL sales failed to revive in October as weak consumer confidence in the lead up to the comprehensive spending review undermined growth the British Retail Consortium (BRC) will say today. The latest figures show total retail sales grew by 2.4 per cent year-on-year in October but this compared to growth of 5.9 per cent for [...]
BUSH TELLS IT HIS WAY November 8, 2010 Former US President George W. Bush claimed that information obtained from terrorist suspects through “waterboarding” prevented terrorist attacks on London and saved British lives. His memoirs are released today in the US.
Tesco plans big move into Asia November 8, 2010 TESCO is poised to make a $1bn swoop on Carrefour’s supermarket networks in Malaysia, Singapore and Thailand after the French group’s decision to withdraw from South-East Asia. Carrefour’s planned exit — reportedly to pursue areas where it has market leadership — has drawn a flock of potential buyers as the process enters the second round [...]
Ambac files for bankruptcy November 8, 2010 US bond insurer Ambac Financial Group filed for Chapter 11 bankruptcy yesterday citing liabilities of $1.68bn (£1.04bn). Its shares plummeted in after-hours trading to $0.20 down from $0.52 at their close on the Wall Street. Ambac failed after chasing higher profits by insuring riskier debt. The move backfired when the housing market crashed and credit [...]
Gartmore on the block as star resigns November 8, 2010 GARTMORE yesterday said its star manager Roger Guy had resigned and the firm put itself up for sale, firing the starting gun for rivals to cut a deal before heavy outflows damage the group irrevocably. Goldman Sachs has been appointed to examine the options for the firm, which chief executive Jeffrey Meyer said would include [...]
Rolls-Royce plays down fears over Airbus as finally speaks November 8, 2010 ROLLS-Royce said yesterday it had made progress in discovering the fault that caused one of its engines to fail on a Qantas flight from Singapore to Sydney last week, saying that the failure was specific to its Trent 900 engine. Rolls added a separate incident at its test centre in Derby during August which saw [...]
Commerzbankmisses target as losses leap November 8, 2010 Germany’s second-biggest lender Commerzbank missed forecasts for third-quarter profit yesterday as losses on commercial mortgages and the costs of integrating Dresdner Bank offset strong corporate lending. Third-quarter net profit of €113m (£97.5m) was below the €164m average estimate in a analyst’s poll, though Germany’s economic rebound turned it round from a loss of more than [...]
Allen & Overy sees revenues rise as Asian business grows November 8, 2010 CITY law firm Allen & Overy (A&O) said yesterday its sales increased three per cent in the six months to 31 October with over half of its turnover generated outside of the UK. The Magic Circle firm said it saw strong performances across its Asia-Pacific region. Moscow and New York offices all contributed to revenue [...]
Commerzbank November 8, 2010 AFTER losing more than €1bn in the third quarter last year, Commerzbank has limped back into the black this time around, posting net profit of €113m – well below most analysts estimates. But despite disappointing expectations, there are positives among the rubble. Commerzbank avoided posting another loss – as in the case of rival Deutsche [...]
Woodside put in play as Shell sells big stake November 8, 2010 Royal Dutch Shell yesterday said it planned to sell almost a third of its 34 per cent stake in Woodside Petroleum for $3.3bn (£2bn), prompting predictions Australia’s largest oil and gas firm could become a bid target. The Anglo-Dutch oil major said it would retain a 24.27 per cent stake in Woodside for at least [...]
